The multifamily sales market in Seattle is on track for its lowest annual total in more than a decade, with only 13 recorded sales during the first quarter of 2021. Buyers cite interest rates and weak renter demand as reasons for this decline, while sellers remain steadfastly committed to yesteryear’s values.
Sales volume decreased by 50% year-over-year, with smaller transactions under $5 million comprising the majority of activity. Additionally, apartment sales above the $5 million price point dropped 75% compared to Q1 2022.
“It is safe to say that enthusiasm surrounding tech has significantly diminished,” said Dylan Simon from Kidder Mathews’ multifamily team led by him and Jerrid Anderson. “The world awaits major employers’ decisions about whether or not they will require employees back at downtown corporate offices.”
On a brighter note though, should these mandates be implemented it could lead to an increase in rent growth due to fewer new construction units being delivered according to Kidder Mathews research findings
